AustraliaÂ´s Rams Home Loans Fails to Refinance A$6 Billion Debt

Australia's Rams Home Loans Group Ltd. failed to refinance A$6.17 billion ($5 billion) of short- term U.S. loans, forcing the lender to seek emergency funding.[...]

Rams got temporary funding of A$1 billion from two of its providers, it said in the statement.

The longer it takes Rams to refinance, the more it will cost the company. The yield on its short-term debt has jumped to 25 basis points more than the London interbank offered rate, or libor, it said. The debt yielded less than libor about two weeks ago.